In 2008, during the financial crisis, Congress authorized the federal government to take over operating both Fannie Mae and Freddie Mac. Congress created the Federal Housing Finance Agency (FHFA) and, currently, the GSEs are under the conservatorship of the FHFA.

Fannie Mae vs. Freddie Mac. Fannie Mae (FNMA) was created in 1938 are a part of an amendment to the National Housing Act. It was considered a federal government agency and its role was to act as a secondary mortgage market that could purchase, hold or sell loans that were insured by the Federal Housing Administration.

Fannie Mae and Freddie Mac were two government-sponsored enterprises that created, and remain highly involved in, the secondary market for mortgage-backed securities. Before the subprime mortgage crisis, they owned or guaranteed $1.4 trillion, or 40 percent, of all U.S. mortgages.

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Earlier this month, the Government Accountability Office warned that Fannie Mae and Freddie Mac, along with other government agencies, are exposing taxpayers to potential losses in the trillions of.

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Since Fannie Mae and Freddie Mac are government-sponsored agencies, their guarantee is implicitly backed by the full faith and trust of the United States government. In order for Fannie and Freddie to be able to provide such a guarantee, they require originating banks (the banks that originally lend the money directly to the borrower) to make sure they check the creditworthiness of the borrower.

Currently, several federal agencies–including the FHA, the Department of Veterans Affairs (VA), and the Government national mortgage association (ginnie Mae)–provide assistance to low- and moderate-income borrowers through the secondary market, as (to a more limited extent) do Fannie Mae and Freddie Mac.

Government agencies suffering regulatory capture are called "captured. that by design these deals do not share material risk and merely result in Fannie Mae and Freddie Mac giving away money to.